10-15-2026 
|
Getting your Trinity Audio player ready...
|
TL;DR: Turkish police and intelligence agents arrested HEX and Pulse founder Richard Heart (Richard James Schueler) and his wife in an Istanbul dawn raid on Wednesday, October 14. They suspect he ran a new international crypto fraud network from the city. Heart already faced an Interpol red notice for tax fraud in Finland; meanwhile, a U.S. judge dismissed the SEC’s fraud case against him in February 2025.
Key Takeaways:
- Richard Heart, founder of the HEX and Pulse tokens, was arrested in Istanbul on October 14 in a raid by city police and Turkey’s National Intelligence Organization.
- Turkish authorities allege Heart built an Istanbul-based international fraud network with victims in the U.S., Finland and Spain.
- Police traced Heart through suspicious digital wallet activity involving millions of dollars in tokens linked to an Istanbul IP address.
- Authorities seized phones, laptops, firearms, drones, gold jewelry, luxury watches, and cash, with reports of the cash total ranging from $600,000 to $4 million.
- Heart was already the subject of an Interpol red notice for aggravated tax fraud in Finland.
- A U.S. federal judge dismissed the SEC’s fraud case against Heart in February 2025 for lack of sufficient U.S. contact.
Notorious crypto Ponzi schemer Richard ‘Hex’ Heart has been arrested in Turkey after reportedly running yet another fraudulent crypto operation.
A crypto crook’s long flight from justice came to a screeching halt on Wednesday, October 14, as Turkish media reported the arrest of Richard James Schueler, aka ‘Richard Heart,’ the infamous founder of the crypto Ponzi schemes formally known as the HEX and Pulse tokens.
The Daily Sabah reported that Heart was arrested following a dawn raid on a luxury residence in Istanbul, along with his wife (yeah, we’re surprised, too). The raid was a combined operation of city police and the National Intelligence Organization (MIT). A post-raid video shows a handcuffed Heart doing a portly-perp-waddle to a waiting vehicle with two officers holding his arms.
With MIT’s help, the Istanbul Police Department’s Intelligence Branch and Anti-Financial Crimes Branch reportedly tracked Heart by following “suspicious” digital wallet activity involving millions of dollars’ worth of tokens linked to an Istanbul IP address.
Haberler reported that police believe Heart “established an Istanbul-based international fraud network” with victims in the U.S., Finland, and Spain.
Euro News reported that the authorities seized a dozen mobile phones, several laptops, four rifles, three handguns, a couple drones, 20 gold bracelets, seven gold necklaces and a significant amount of cash in different currencies. Euro News claimed there was $600,000 in cash, while Haberler reported that the total amount seized was $4 million.
Predictably, authorities also seized dozens of luxury watches, the kind that Heart would so brazenly flaunt on social media to illustrate the riches that awaited HEX investors if they’d just buy his scam tokens.
Apart from his latest Istanbul scheme, Heart was already the subject of an Interpol ‘red notice’ on charges of aggravated tax fraud and violently assaulting a 16-year-old in Finland. At the time of Heart’s arrest in Istanbul, the red notice stated only the tax fraud charge. (If you spot any Finnish early-20-somethings walking around with multiple Patek Philippe timepieces on each arm, let us know.)
In September 2024, a Helsinki detective claimed Heart owed a “very considerable amount of money” to Finland’s tax agency based on the fact that he’d “created, launched and marketed the cryptocurrencies out of Finland” between 2020 and 2024.
Heart had even more reason to hole up in Helsinki after the U.S. Securities and Exchange Commission (SEC) filed its own fraud charges against him in July 2023. The SEC accused Heart of misappropriating “at least $12 million” of the funds raised from HEX customers.
Heart caught a break in February 2025 when a U.S. federal judge dismissed the SEC’s charges. The judge concluded that the SEC had failed to provide sufficient evidence that Heart had “substantial” contact with the U.S.-based marks who’d bought into Heart’s bullshit.
While the judge gave the SEC the option to amend and refile its complaint, the SEC was by then under new management that quickly showed little interest in pursuing crypto enforcement cases brought by the agency’s former leadership.
Despite his efforts to avoid Finland since the red notice was issued, Heart may now fight like hell to ensure his return to Helsinki to face Finnish justice. Because if Turkish authorities are correct in their suspicion that Heart was running a new scam from Istanbul, he could wind up doing time in a Turkish prison.
Heart likely doesn’t fancy acting out his own version of Midnight Express. It’s bad enough that Heart would be an ‘ayip’ (dirty) foreigner, but God forbid his cellmate turns out to have been a victim of Heart’s crypto scams. Then it won’t just be a knife stabbing him in the ass. (Last month, Heart was asking his social media foes “how’s that bag of dicks taste?” He may soon have his answer.) But hey, perhaps his wife will be released without charges and later on can pay him some ‘oh, Billy’ visits.
Whatever 6×8 concrete room Heart ends up in, he’ll likely miss all those luxury watches, as he’ll hopefully have a whole lotta time on his hands and nothing to measure it with.
In the meantime, we finally have the answer to that all-time musical banger ‘Where’s Richard?’
FAQs:
Where was Richard Heart arrested?
Turkish police arrested Richard Heart, whose real name is Richard James Schueler, in a dawn raid on a luxury residence in Istanbul on Wednesday, October 14. Turkey’s National Intelligence Organization assisted. His wife was reportedly detained with him.
Why was Richard Heart arrested?
Turkish authorities suspect Heart ran a new fraud operation from Istanbul with victims in the U.S., Finland and Spain. Police reportedly traced suspicious digital wallet activity involving millions of dollars in tokens to an Istanbul IP address.
Who is Richard Heart?
Richard Heart, born Richard James Schueler, founded the HEX and Pulse crypto tokens, which critics call Ponzi schemes. He is known for flaunting luxury watches on social media and has been based in Finland, where he faces tax fraud allegations.
What did police seize in the raid?
Police seized a dozen phones, several laptops, four rifles, three handguns, a couple of drones, gold jewelry, and dozens of luxury watches. Reported cash totals conflict: Euro News says $600,000, while Haberler says $4 million.
Is there an Interpol red notice for Richard Heart?
Yes. Heart is subject to an Interpol red notice for aggravated tax fraud. He was also wanted over allegedly assaulting a 16-year-old in Finland, though the notice listed only the tax fraud charge at the time of his arrest.
What happened to the SEC case against Richard Heart?
The SEC filed fraud charges in July 2023, alleging Heart misappropriated at least $12 million. A U.S. federal judge dismissed the case in February 2025 over insufficient U.S. contact, and the SEC, under new leadership, showed little interest in refiling.
Will Richard Heart be sent to Finland?
That is unclear. Heart may fight a return to Helsinki, but Turkey could prosecute him first if the Istanbul fraud allegations hold. No outcome is confirmed, and the details so far come from Turkish media reports.
Was Richard Heart’s wife arrested, too?
Turkish media reported that Heart was arrested along with his wife during the Istanbul raid. No specific charges against her were detailed, and her legal status remains unclear.
Watch: What Happens When Blockchain Becomes Invisible?
